Deutsche board pay soars 40% in face of losses

Bosses at Germany’s top bank saw their total pay rise by nearly 40% despite a brutal fourth-quarter profit warning.

Deutsche revealed today that it had paid its 10-member management board €40 million (£32 million) in 2013, up from €28 million the previous year.

The bumper awards included €9 million to co-chief executive Anshu Jain, a rise of nearly 50%.

The awards came despite a final quarter in which the bank lost €1.2 billion as legal and restructuring costs, as well as poor trading, wrecked its numbers. Another €400 million of hits was taken in February.